NEW DELHI: Private sector lender Yes Bank today signed an agreement with the government to provide Rs 1,000 crore financing for food processing projects.
The funding will be provided to around 100 food processing projects with an average ticket size of Rs 10 crore each, the bank said in a statement.
Focus will be on projects across backend infrastructure, cold chain creation of new processing units, expansion of existing units, forward linkages and food processing clusters in various locations in India, amongst others, it added.
The memorandum of understanding (MoU) amid the ongoing three-day World Food India being organised by the Food Processing Ministry.
Speaking on the partnership with the Food Processing Ministry in this regard, Yes Bank Managing Director and CEO Rana Kapoor said: "India's food Processing industry is a vital economic growth driver and is playing a key role in doubling farmer's value added income and ensuring food security." At World Food India event, Yes Bank is anchoring 'Food Processing Start-Up Awards' institutionalised along with the government to boost start-up ecosystem in the country.
Over 150 applications were received, of which the top 20 have been selected on the basis of scalability and enterprising innovations across six areas namely products, technologies, food safety, supply chain, cold chain & packaging, the bank said.
Top three promising and innovative startups will be awarded by the President of India during the valedictory session of the event on November 5, it added.